Ghana recorded lowest cedi depreciation rate in 4th republic under Akufo-Addo – Bawumia

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Ghana recorded lowest cedi depreciation rate in 4th republic under Akufo-Addo – Bawumia

The Vice President, Dr. Mahamudu Bawumia says Ghana, under Akufo-Addo’s administration has seen the lowest depreciation of the cedi since 1992.

According to him, although the COVID-19 pandemic has affected economies all over the world the Akufo-Addo government has ensured a low inflation rate thereby impacting the strength of the cedi positively.

“In four years, we have stabilised the economy. Prior to the coronavirus pandemic, which has impacted all economies in the world, we have reduced inflation, and inflation continues to fall. We have doubled economic growth in the first three years, we reduced the exchange rate depreciation. The exchange rate depreciation has been relatively stable. Ghana has recorded the lowest rate of depreciation [of the cedi] in the last 28 years in 2020.”

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“Notwithstanding COVID and its implications and notwithstanding that this is an election year, Ghana in 2020 has seen the lowest depreciation since 1992,” he noted.

He also indicated that “the average depreciation of the cedi over the last four years, which is at 7.3% is the lowest for any first-term government since 1992. We significantly reduced the deficit.”

The Vice President made this known while speaking on Ghana’s economy during the government’s Nation Building Updates on Thursday, November 26, 2020.

Currently, the Ghana cedi is trading at GHS5.8 to the US dollar.

The Nation Building Updates is a weekly event organized by the government under the auspices of the Ministry of Information to provide updates on key government projects, policies, and interventions.

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Thursday’s event was held on the theme: “The future of Ghana’s economy”.

Dr. Bawumia used the opportunity to tout the government’s achievement in every sector of the economy.

He said, in less than four years, the Akufo-Addo government has created two million jobs in the formal sector.

The Vice President noted that the New Patriotic Party government apart from stabilising the economy is transforming same.

On the financial sector clean-up, Dr. Bawumia said the NPP government has so far spent GHS21 billion to settle customers.

 

The post Ghana recorded lowest cedi depreciation rate in 4th republic under Akufo-Addo – Bawumia appeared first on Citinewsroom – Comprehensive News in Ghana.

SOURCE: citinewsroom.com

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